Business & Finance
Business and Finance
Business and Finance
Tue, August 23, 2011 247MGI Files Disclosure Statement in Preparation for its Pending Merger with A Private Company
FORT LAUDERDALE, Fla.--([ BUSINESS WIRE ])--247MGI, Inc. (OTC:TOFS) (a247MGIa) has moved yet another step closer toward closing its pending merger. The Company will post this morning on [ www.pinksheets.com ] the initial Disclosure Statement required to upgrade the Company from a aYielda status to aCurrent Information.a
The Company over the past few weeks has filed all the financial reports from December 31, 2007 through June 30, 2011, leaving the Disclosure Statement and Attorney Opinion the only remaining filings needed for the upgrade.
The Company believes the upgrade to a aPKa listing from its current aYielda status should take place sometime over the next week and the completion of the merger just after the Labor Day weekend break.
The Company plans to merge in a private company, which will result in NO additional issuance of Common stock or a change in control.
The Company will reduce the Authorized shares of Common stock to 1,600,000,000 once the aPKa listing is done, at which time our CEO shall convert 1,781,000,000 shares of his Common stock to Series AA Preferred stock.
The Company has no plans for any type of share restructuring for its Common stock.
The Company asks Shareholders to monitor PinkSheets.com for continued developments.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as abelieves,a aexpects,a apotential,a aplans,a asuggests,a amay,a ashould,a acould,a aintends,a or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
